Your favorite crypto news blog

Newly Launched Digital Asset Bitgesell Aims to Become Digital Gold

Other 2020/05/19 14:22 by BitcoinPrbuzz
Newly Launched Digital Asset Bitgesell Aims to Become Digital Gold

Bitgesell is a newly launched cryptocurrency designed to succeed where bitcoin has failed and offers users practical application, as well as a more attractive proposition to miners and holders as a long-term investment channel.

While bitcoin remains the world’s number one cryptocurrency, the innovative invention by Satoshi Nakamoto is plagued a series of issues that are yet to be addressed, including:

  • Massive Computational Power: nodes distribution across geographical locations ensures blockchain networks are resistant to 51 percent attacks since no single entity can control the entire network. However, bitcoin has since surpassed this level and only a fraction of computational power is enough to secure the blockchain.
  • Low Rewards for Miners in Future: when the entire 2 million BTC is mined, miners will have to rely solely on transaction fees to survive. Though the value of bitcoin will surge greatly and even a little reward will be okay for miners, the introduction of scaling technologies like Lightning will keep making fees very low.
  • SlowerScarcity: while bitcoin block rewards get halved every four years, it will still take up to 120 years for block rewards to hit zero. In essence, holders may need to wait till 2140 to see the price of bitcoin rise significantly.

Enter Bitgesell

Bitgesell is the next stage in the bitcoin evolution and it is the right step towards the digital gold model. Bitgesell comes with several properties including:

  • Higher Transaction Cost: This makes it possible for only large amounts of coins to be transacted on the network, thereby incentivizing users to hold and increase its demand, while also ensuring miners make a huge profit.
  • 90 Percent Burn: the entire coins in circulation is reduced massively by burning 90 percent of the transaction fee. This will increase the value of Bitgesell as supply is lowered.
  • Yearly having: Bitgesell will get halved every year, to greatly reduce circulation and achieve zero-emission within a few years.
  • Segwit Support: The Bitgessel network has fully implemented Segwit, enabling transactions to be confirmed at lightning speeds. 

BGL coin is the native cryptocurrency of the Bitgesell ecosystem and there will be 21,000,000 BLG ever produced.BLG has a block weight of 400,000 bytes, which makes it 10 times smaller than bitcoin.

Bitgesell developer Emma Wu said:

“Bitgesell can be perceived as a future bitcoin, because of its smaller block size, how segwit extension would be developing and due to halving occurring each year, only after 2-3 years we will witness the future of bitcoin, not having to wait for 11 years.”

Website: https://bitgessell.ca/ 

Community: https://bitcointalk.org/index.php?topic=5238559 

Email: wuemma@protonmail.com

Disclaimer: This article is sponsored and provided by a third-party source and should not be viewed as an endorsement by ZyCrypto. Readers should do their own research before investing funds in any digital asset or cryptocurrency.

0 Like(s)

You should also read...

Bitcoin 18/11/19 14:11 by Ali Raza
Stack Sats Now: Bitcoin Block Rewards Will Be Just 1 Satoshi By 2140
With Bitcoin halving 2020 approaching, many are looking towards the future trying to predict what mining might be like in 100 years from now. What we do know is that miners will receive just 1 satoshi...
Read More
Bitcoin 21/11/19 08:02 by Tolu
Over 1.5 Million Coins May Have Been Permanently Lost On The Bitcoin Network – Report
Bitcoin has been around for over a decade and is easily the most popular digital asset in the market. One of the most interesting features of the coin is the fact that it’s impossible for more than ...
Read More
Bitcoin 10/12/19 08:30 by Kai Sedgwick
Bitcoin History Part 21: Miners Pour One out for Satoshi
There are a few ways of looking at bitcoin mining. As an ostensibly selfish enterprise, wherein miners are seeking to extract precious coins for profit. And as a community of individuals who envisage ...
Read More
Bitcoin 02/05/20 02:16 by Nick Chong
Elon Musk Casually Drops the Bitcoin Bomb On Twitter, Once More
In January, Tesla CEO Elon Musk mentioned Bitcoin in an innuendo-filled tweet that went viral on Twitter and within the media in the industry. At the time, the technologist wrote that BTC “is *n...
Read More
Bitcoin 11/05/20 23:30 by Brenda Ngari
Bitcoin Now Has A Lower Inflation Rate Than Gold After Successfully Undergoing Its Third-Ever Halving
The block reward halving for the pioneer cryptocurrency, which was definitely the most awaited event this year has finally taken place. As a result, the rate at which new bitcoin’s are minted has j...
Read More